Articles by Jason Spits

LRBA

LRBA safe harbour covers Div 7A

LRBA Division 7A

SMSFs using a Division 7A loan to fund a LRBA can meet lending requirements of tax and super law by ensuring the appropriate safe harbour rules are followed.

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Appointments

Miller joins Smarter SMSF in new role

Smarter SMSF Tim Miller

Smarter SMSF has recruited SuperGuardian’s Tim Miller to a new role which will expand the education offering of the CPD and document provider.

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Contributions

Advisers can address TBC uncertainty

personal TBC estimate

Super fund members will not have certainty around the personal TBC until well after 1 July but financial advisers can help them calculate an estimate.

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Death benefits

Benefit guidance creates more questions

death benefit guidance

Recent ATO guidance has added confusion to situations where a member dies before their super benefit payment request has been made.

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Death benefits

Member benefits ruling limited

member benefits ruling

SMSF trustees should not rely on past private binding rulings when assessing if a member benefit can still be paid after the death of a member.

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Compliance

Trustee disqualifications rise

disqualified trustees

The ATO has disqualified 130 SMSF trustees in the last quarter after disqualifying around twice that number in the previous quarter.

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NALI/NALE

Current penalties sufficient for NALE

tax penalty NALE

The current tax penalty regime can address breaches of the NALE provisions without the outsized penalty model put forward by the government.

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Education

Heffron releases entry level SMSF course

Heffron SMSF course

Heffron has released a new course aimed at accountants, auditors and advisers moving into the SMSF space building on its previous education offerings.

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Contributions

Indexed TBC may shift after late reporting

indexation TBC reporting

The final status of personal transfer balance caps after indexation may not be settled until all late or retrospective reporting by funds is completed.

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financial advice

Industry bodies back QoA Review advice shift

Industry associations QAR

Industry bodies have backed a Quality of Advice Review final report recommendation to reconsider who can provide financial advice.

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